Bullish Trend Persists In Stock Market, Rises By N180.8bn
The stock market was bullish Wednesday sending the All Share Index up by 0.83 per cent on a gain of 345.79 index point to close at 41,930.73 basis points from the 41,088.96 basis of the previous day.
Similarly, the market capitalisation rose to N21.934 trillion, from the N21.753 trillion it opened trading with, representing a N180. 883bn or 0.83 per cent surge.
The growth of equities was influenced by rise in the shares of highly capitalized brands like; MTN Nigeria, Airtel Africa, Julius Berger, Dangote Sugar Refinery and Lafarge Africa.
The market turnover increased by 16.18 per cent, as investors bought and sold 543.597 million shares worth N7.321 billion in 6,770, as against 467.886 million shares traded at N5.565 billion in 5,990 deals on Tuesday.
The market breadth came out positive with 35 gainers and 20 losers, compared to 32 gainers compared to 19 losers the previous day.
Sky Aviation of Nigeria led the losers table in percentage terms, dropping 10 per cent to close at N2. 88 per share m.
Caverton shed 9.41 per cent to close at N1.83 per share, while Union Bank of Nigeria fell by 3.39 per cent to close at N5. 7 per share.
Also, Ardova Plc and Ecobank depreciated by 2.44 and 2.29 per cent to close at N18 and N6.4 per share respectively.
On the other hand, Lafarge Africa led the gainers in percentage parameters, gaining 7.27 per cent to close at N29.5 per share.
Likewise, Julius Berger rose by 5.64 per cent to close at N20. 6 per share, while Dangote Sugar Refinery soared by 2.49 per cent to close at N20.6 per share.
Also, MTN Nigeria and Airtel Africa climbed by 2.40 and 1.09 per cent to close at N175 and N930 per share respectively
Transnational Corporation was the most active stock, selling at 57.238 million shares worth N61.016 million, while Zenith Bank was the most valued at N1.242 billion.
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